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Old 06-27-2016, 11:23 AM  
DaFace DaFace is offline
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Personal finance and investing megathread extravaganza

I know lewdog (and maybe others) have mentioned the desire to have a place to chat about personal finance stuff. We'll see if there's enough interest to keep this going in the long-term, but at least for now, here's a place to chat about whatever personal finance topics come up.



If you're just getting started thinking about saving and don't know where to begin, this flow chart can help. Ask for advice in the thread for more help!

Last edited by DaFace; 01-24-2018 at 03:49 PM..
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Old 05-28-2020, 06:40 PM   #5041
jdubya jdubya is offline
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Originally Posted by Hog's Gone Fishin View Post
Thought I'd share my productive day today.

So I bought a property 5 years ago for $118,000. Bank financed 80%. seller financed 20%.

I rented the property out on a Lease/option 5 year contract. This means at the end of 5 years the tenant has the option to buy the property on the agreed price which was $148,000.

During this 5 years the tenant is responsible for all maintenance and repairs so basically all I had to do was acquire the property ,clean it up and rent it out.
!
Ive always been intrigued by this strategy but havent the balls yet to pull the trigger on this type of deal. Seems like a win win scenario though. I do have a good deal of money in real estate but it is a bit hands off very similar to a REIT type of deal with RK Properties and have done very well. I have always wanted to go next level and do what you have done though. Congrats to your success.
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Old 05-28-2020, 09:25 PM   #5042
Hog's Gone Fishin Hog's Gone Fishin is offline
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Originally Posted by jdubya View Post
Ive always been intrigued by this strategy but havent the balls yet to pull the trigger on this type of deal. Seems like a win win scenario though. I do have a good deal of money in real estate but it is a bit hands off very similar to a REIT type of deal with RK Properties and have done very well. I have always wanted to go next level and do what you have done though. Congrats to your success.
The tenant was thrilled to close on the property. It actually appraised for $169K so he has a ton of immediate equity. It's a win win and everybody walked away happy.
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Old 05-28-2020, 09:41 PM   #5043
Halfcan Halfcan is offline
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Quote:
Originally Posted by Hog's Gone Fishin View Post
Thought I'd share my productive day today.

So I bought a property 5 years ago for $118,000. Bank financed 80%. seller financed 20%.

I rented the property out on a Lease/option 5 year contract. This means at the end of 5 years the tenant has the option to buy the property on the agreed price which was $148,000.

During this 5 years the tenant is responsible for all maintenance and repairs so basically all I had to do was acquire the property ,clean it up and rent it out. I spent less than $1000 initially on a few things to get it ready.

Over the contract I gave the tenant $300/month credit toward the purchase price. They executed the contract a few months early so the credit ended up being $16,800. They had not so good credit initially but used the 5 years to get it cleaned up. Around 700 score now.

So for some stupid reason the bank demanded a 20% down payment from them which was bullshit and left them short.

Anyway to make a long story a little shorter, I financed $12,300 of their down payment as a second mortgage at 7% interest over 5 years with an annual payment of $3121 due every May 28th. I got a check for $43,000 and some change and never put a dime into the property other than the initial cleanup. Less than $1k.

Real Estate has always been good to me. I really need to just pull my money from any stocks and just put it all there.

I have a property I bought 12 years ago for $40K as a bank repo also. I did the 5 year with another family for the price of $84k. They remodeled the house, installed new CH&A ,roof , got divorced and left the property.

I went in and replaced the windows, garage doors and painted .Did a new 2 year contract due to execute for 120K next May . That property is already paid off so capital gains are my only worry then.

**** stocks!
You are Chiefs Planet's version of Carlton Sheets!
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Old 05-28-2020, 09:45 PM   #5044
Munson Munson is offline
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Quote:
Originally Posted by Hog's Gone Fishin View Post
Thought I'd share my productive day today.

So I bought a property 5 years ago for $118,000. Bank financed 80%. seller financed 20%.

I rented the property out on a Lease/option 5 year contract. This means at the end of 5 years the tenant has the option to buy the property on the agreed price which was $148,000.

During this 5 years the tenant is responsible for all maintenance and repairs so basically all I had to do was acquire the property ,clean it up and rent it out. I spent less than $1000 initially on a few things to get it ready.

Over the contract I gave the tenant $300/month credit toward the purchase price. They executed the contract a few months early so the credit ended up being $16,800. They had not so good credit initially but used the 5 years to get it cleaned up. Around 700 score now.

So for some stupid reason the bank demanded a 20% down payment from them which was bullshit and left them short.

Anyway to make a long story a little shorter, I financed $12,300 of their down payment as a second mortgage at 7% interest over 5 years with an annual payment of $3121 due every May 28th. I got a check for $43,000 and some change and never put a dime into the property other than the initial cleanup. Less than $1k.

Real Estate has always been good to me. I really need to just pull my money from any stocks and just put it all there.

I have a property I bought 12 years ago for $40K as a bank repo also. I did the 5 year with another family for the price of $84k. They remodeled the house, installed new CH&A ,roof , got divorced and left the property.

I went in and replaced the windows, garage doors and painted .Did a new 2 year contract due to execute for 120K next May . That property is already paid off so capital gains are my only worry then.

**** stocks!
Damn, I need to get into real estate.
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Old 05-28-2020, 09:59 PM   #5045
Buehler445 Buehler445 is offline
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Man Hog you know different people than I do.

When we sold our last house a couple wanted me to finance it. They’d just take over payments. I told them it didn’t really work that way. Insurance was dependent on me (as insured) using it as a primary residence My mortgage was dependent on it being my primary residence and a bunch of other miscellaneous stuff that I would be risking for no gain other than being out from under it.

I did some rough math and it would have been a decent percentage higher payments if I had to finance it.

If i owned it outright it would work great. But where I owed money and needed the cash flow, I was taking a healthy risk.

Real Estate takes real capital man.

But once you have it you can use it to make more money. Just like farmland the toughest one to pay for is the first one.
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Old 05-28-2020, 10:08 PM   #5046
Hog's Gone Fishin Hog's Gone Fishin is offline
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Quote:
Originally Posted by Buehler445 View Post
Man Hog you know different people than I do.

When we sold our last house a couple wanted me to finance it. They’d just take over payments. I told them it didn’t really work that way. Insurance was dependent on me (as insured) using it as a primary residence My mortgage was dependent on it being my primary residence and a bunch of other miscellaneous stuff that I would be risking for no gain other than being out from under it.

I did some rough math and it would have been a decent percentage higher payments if I had to finance it.

If i owned it outright it would work great. But where I owed money and needed the cash flow, I was taking a healthy risk.

Real Estate takes real capital man.

But once you have it you can use it to make more money. Just like farmland the toughest one to pay for is the first one.
Real estate doesn't take capital. It takes leverage. Borrowing money has never scared me as long as I knew a way to pay it off..
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Old Yesterday, 05:40 AM   #5047
Hammock Parties Hammock Parties is offline
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Might be time to buy in on GNUS when it dips again today. What say you?
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Old Yesterday, 07:30 AM   #5048
neech neech is offline
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Originally Posted by Hammock Parties View Post
Might be time to buy in on GNUS when it dips again today. What say you?
It looks intriguing, I can see this one going up.
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Old Yesterday, 07:31 AM   #5049
Demonpenz Demonpenz is offline
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Old Yesterday, 12:43 PM   #5050
Hammock Parties Hammock Parties is offline
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Might be your last chance to get in on VTIQ at sub-30 prices this afternoon.

Merger is on Tuesday and then who knows where it goes. Lots of people think it could be the next TESLA.
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Old Yesterday, 01:20 PM   #5051
Hammock Parties Hammock Parties is offline
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IBIO CFO just dumped a bunch of shares.

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Old Yesterday, 01:29 PM   #5052
Rain Man Rain Man is offline
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IBIO CFO just dumped a bunch of shares.


You should let him know that it's going to go up a lot. I'd hate to see him mess up and sell too early.
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Old Yesterday, 02:20 PM   #5053
jdubya jdubya is offline
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been grabbing up some OXY....still holding onto IBIO for kicks
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